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'Grateful to those who stood by us': Adani on Adani-Hindenburg case verdict

Adani Hindenburg case verdict: The SC has refused to interfere in the investigation by the Securities and Exchange Board of India

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'Satyameva Jayate' says Gautam Adani (Photo: Bloomberg)

BS Web Team New Delhi

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Following the Supreme Court (SC) verdict on the Adani-Hindenburg case on Wednesday, Gautam Adani said that he was grateful to those who stood by them and that the truth has prevailed. The SC has refused to interfere in the investigation by the Securities and Exchange Board of India (Sebi). It has also granted the markets regulator three months to complete the probe.

In a post on social media platform X, Adani said, "The Hon'ble Supreme Court's judgement shows that: Truth has prevailed. Satyameva Jayate. I am grateful to those who stood by us. Our humble contribution to India's growth story will continue. Jai Hind."

A bench headed by Chief Justice of India (CJI) D Y Chandrachud noted that Sebi has completed its probe in 22 out of 24 cases relating to allegations against the Adani group. The apex court also said that the facts of the case do not warrant the transfer of the probe into the matter to a Special Investigation Team (SIT) or other probe agency.

ALSO READ: Adani-Hindenburg case verdict: SC grants Sebi 3 months for pending probes

The judgment on the PILs, filed by lawyers Vishal Tiwari, M L Sharma, Congress leader Jaya Thakur, and Anamika Jaiswal, was reserved on November 24 last year.

The SC also said that the Centre and Sebi would look into whether Hindenburg Research violated any law on short-selling. If there is a violation, they may take any action in accordance with law.

Following the verdict, the stocks of Adani group companies surged in the range of up to 10 per cent. As of 11:40 am, the shares of Adani Group's flagship firm, Adani Enterprises, were trading 2.32 per cent in the green at Rs 3,000 apiece on BSE.

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First Published: Jan 03 2024 | 11:55 AM IST

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